CBN says old N1,000, N500, N200 notes still valid

The Central Bank of Nigeria (CBN) has addressed recent misinformation about the validity of the old N1000, N500, and N200 banknotes still in circulation.

A statement signed by Sidi Ali Hakama, acting director of corporate communications, reaffirmed that these denominations remain valid legal tender in line with a Supreme Court ruling issued on November 29, 2023.

The ruling permits the indefinite circulation of all versions of the N1000, N500, and N200 denominations, including the old and redesigned notes, as well as the commemorative and earlier designs of the N100 denomination.

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The CBN said that there is no deadline for the use of these notes, urging the public to disregard any claims suggesting they will cease to be legal tender by December 31, 2024.

The CBN encouraged Nigerians to accept all Naira banknotes for transactions and to handle them responsibly to maintain their quality. Additionally, the bank reiterated its call for increased adoption of alternative payment methods, such as electronic channels, to reduce reliance on physical cash.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.